Bank of New York Mellon Corp Buys New Position in Red River Bancshares, Inc. $RRBI

Key Points

• Bank of New York Mellon initiated a position in Red River Bancshares, purchasing 21,980 shares valued at approximately $2.0 million. Institutional investors collectively own 27.55% of the company.
• Red River Bancshares reported quarterly earnings of $1.78 per share, slightly above analyst estimates, while revenue of $33.71 million also edged past expectations.
• The stock traded near its 52-week high at $102.86, and analysts maintain a consensus “Hold” rating with an average price target of $106. The company also declared a quarterly dividend of $0.25 per share, yielding about 1.0% annually.

Bank of New York Mellon Corp bought a new position in shares of Red River Bancshares, Inc. (NASDAQ:RRBI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 21,980 shares of the company's stock, valued at approximately $2,006,000. Bank of New York Mellon Corp owned about 0.33% of Red River Bancshares at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in Red River Bancshares by 36.3% during the 1st quarter. AQR Capital Management LLC now owns 6,703 shares of the company's stock worth $346,000 after acquiring an additional 1,784 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Red River Bancshares by 44.5% in the first quarter. Goldman Sachs Group Inc. now owns 49,400 shares of the company's stock valued at $2,552,000 after purchasing an additional 15,205 shares during the period. Jane Street Group LLC acquired a new position in shares of Red River Bancshares in the first quarter valued at approximately $315,000. Strs Ohio purchased a new stake in shares of Red River Bancshares during the first quarter worth approximately $26,000. Finally, Geode Capital Management LLC raised its stake in shares of Red River Bancshares by 3.0% during the second quarter. Geode Capital Management LLC now owns 111,163 shares of the company's stock worth $6,527,000 after purchasing an additional 3,196 shares during the last quarter. Hedge funds and other institutional investors own 27.55% of the company's stock.

Red River Bancshares Stock Down 0.5%

NASDAQ RRBI opened at $102.86 on Wednesday. The stock has a market cap of $676.82 million, a PE ratio of 14.80 and a beta of 0.41. The business has a 50 day moving average price of $99.83 and a two-hundred day moving average price of $93.93. Red River Bancshares, Inc. has a fifty-two week low of $61.60 and a fifty-two week high of $104.65.

Red River Bancshares (NASDAQ:RRBI - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.76 by $0.02. Red River Bancshares had a return on equity of 12.47% and a net margin of 26.25%.The company had revenue of $33.71 million for the quarter, compared to analysts' expectations of $33.66 million. Sell-side analysts anticipate that Red River Bancshares, Inc. will post 7.26 EPS for the current fiscal year.

Red River Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 8th. Red River Bancshares's dividend payout ratio is currently 14.39%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Raymond James Financial started coverage on shares of Red River Bancshares in a research note on Wednesday, July 1st. They issued a "market perform" rating for the company. Stephens boosted their target price on Red River Bancshares from $101.00 to $106.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. Weiss Ratings raised Red River Bancshares from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday, August 19th. Finally, Wall Street Zen raised Red River Bancshares from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Red River Bancshares presently has a consensus rating of "Hold" and an average target price of $106.00.

About Red River Bancshares

Red River Bancshares, Inc is a bank holding company headquartered in Alexandria, Louisiana, operating through its principal subsidiary, Red River Bank. Established in 1998, the company provides a full range of commercial banking services designed to meet the needs of individuals, small to mid-size businesses, and nonprofit organizations. Red River Bank has built its reputation on personalized customer service and a commitment to supporting economic growth within its service area.

The company's core offerings include commercial and industrial lending, real estate financing, consumer and residential mortgage loans, and deposit products such as checking, savings, money market accounts and certificates of deposit.

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